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XDNG ETF köper japanska aktier med höga ESG-poäng som valutasäkras till pund

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Xtrackers MSCI Japan ESG Screened UCITS ETF 2D GBP Hedged (XDNG ETF) investerar i aktier med fokus Social/Environmental, Japan. Utdelningarna i fonden delas ut till investerarna (Årligen). MSCI Japan Select ESG Screened (GBP Hedged) tillåter en bred investering med låga avgifter på ca. 265 aktier.

Xtrackers MSCI Japan ESG Screened UCITS ETF 2D GBP Hedged (XDNG ETF) investerar i aktier med fokus Social/Environmental, Japan. Utdelningarna i fonden delas ut till investerarna (Årligen). MSCI Japan Select ESG Screened (GBP Hedged) tillåter en bred investering med låga avgifter på ca. 265 aktier.

Den totala kostnadskvoten uppgår till 0,25 % per år. Fonden replikerar resultatet för det underliggande indexet genom att köpa alla indexbeståndsdelar (full replikering). Xtrackers MSCI Japan ESG Screened UCITS ETF 2D GBP Hedged är en mycket liten ETF med tillgångar på 18 miljoner euro under förvaltning. XDNG ETF är äldre än 5 år och har sin hemvist i Irland.

Investeringsstrategi

MSCI Japan Select ESG Screened (GBP Hedged)-index spårar stora och medelstora värdepapper på de japanska aktiemarknaderna. Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning). Uteslutna sektorer och företag: vapen, tobak, termiskt kol, oljesand, bristande efterlevnad av FN:s Global Compact. Valutasäkrad till brittiska pund (GBP).

Indexbeskrivning

MSCI Japan Select ESG Screened Index syftar till att spegla resultatet på följande marknad:

Japanska aktier med stora och medelstora bolag med höga ESG-egenskaper och låg koldioxidexponering, i förhållande till sina jämförbara aktier

• Värdepapper som emitterats av enheter som inte uppfyller följande ESG-standarder är undantagna: är förknippade med kontroversiella, civila och kärnvapen och tobak, tilldelas MSCI ESG Rating av ”CCC” eller är oklassificerade, får intäkter från termiskt kol, oljesandutvinning och militära försvarsvapen, och alla emittenter med en ”röd” MSCI ESG Impact Monitor-poäng på mindre än 1.

• Granskas kvartalsvis

Handla XDNG ETF

Xtrackers MSCI Japan ESG Screened UCITS ETF 2D GBP Hedged (XDNG ETF) är en europeisk börshandlad fond som handlas påLondon Stock Exchange.

London Stock Exchange är en marknad som få svenska banker och nätmäklare erbjuder access till, men DEGIRO gör det.

Börsnoteringar

BörsValutaKortnamn
gettexEURXDNG
London Stock ExchangeGBXXDNG

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ISINNamnVikt %LandSektor
JP3633400001TOYOTA ORD5.59%JapanConsumer Discretionary
JP3435000009SONY GROUP CORPORATION3.40%JapanConsumer Discretionary
JP3236200006KEYENCE ORD2.54%JapanInformation Technology
JP3902900004MITSUBISHI UFJ FINANCIAL GROUP ORD2.13%JapanFinancials
JP3970300004RECRUIT HLDGS CO LTD1.73%JapanIndustrials
JP3571400005TOKYO ELECTRON ORD1.66%JapanInformation Technology
JP3496400007KDDI ORD1.62%JapanCommunication Services
JP3436100006SOFTBANK GROUP CORP1.58%JapanCommunication Services
JP3371200001SHIN-ETSU CHEM ORD1.56%JapanMaterials
JP3756600007NINTENDO ORD1.55%JapanCommunication Services
JP3788600009HITACHI ORD1.53%JapanIndustrials
JP3475350009DAIICHI SANKYO ORD1.43%JapanHealth Care
JP3481800005DAIKIN INDUSTRIES ORD1.41%JapanIndustrials
JP3463000004TAKEDA PHARMACEUTICAL ORD1.36%JapanHealth Care
JP3854600008HONDA MOTOR ORD1.35%JapanConsumer Discretionary

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CBUE ETF ger exponering mot medellånga amerikanska statsobligationer och hedgas till euro

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iShares USD Treasury Bond 3-7yr UCITS ETF EUR Hedged (Dist) (CBUE ETF) investerar i statsobligationer med fokus i USA. Obligationernas löptider är mellan 3-5 år. De underliggande obligationerna har Investment Grade-betyg. ETF:en har en valutaexponering i USD. Ränteintäkterna (kuponger) i fonden delas ut till investerarna (halvårsvis).

iShares USD Treasury Bond 3-7yr UCITS ETF EUR Hedged (Dist) (CBUE ETF) investerar i statsobligationer med fokus i USA. Obligationernas löptider är mellan 3-5 år. De underliggande obligationerna har Investment Grade-betyg. ETF:en har en valutaexponering i USD. Ränteintäkterna (kuponger) i fonden delas ut till investerarna (halvårsvis).

Den totala kostnadskvoten uppgår till 0,10 % p.a. Fonden replikerar resultatet för det underliggande indexet genom att köpa ett urval av de mest relevanta indexbeståndsdelarna (samplingsteknik). iShares USD Treasury Bond 3-7yr UCITS ETF EUR Hedged (Dist) är en mycket stor ETF med tillgångar på 984 miljoner GBP under förvaltning. CBUE ETF är äldre än 3 år och har sin hemvist i Irland.

Varför CBUE?

Riktad exponering mot medelfristiga amerikanska statsobligationer

Direktinvestering i statsobligationer

Statsobligationsexponering i ett land

Investeringsmål

Fonden strävar efter att spåra utvecklingen av ett index som består av statsobligationer utgivna i US-dollar utgivna av det amerikanska finansdepartementet.

Investeringsstrategi

ICE US Treasury 3-7 Year (EUR Hedged) index följer amerikanska dollar denominerade statsobligationer utgivna av US Treasury. Tid till förfall: 3-7 år. Valutasäkrad till euro (EUR).

Handla CBUE ETF

iShares USD Treasury Bond 3-7yr UCITS ETF EUR Hedged (Dist) (CBUE ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRONordnet, Aktieinvest och Avanza.

Börsnoteringar

BörsValutaKortnamn
gettexEURCBUE
XETRAEURCBUE

Största innehav

EmittentVikt (%)
UNITED STATES TREASURY99.88

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Crypto Market Compass 24 June 2024

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Crypto Market Compass 24 June 2024 Last week, cryptoassets underperformed again as global crypto ETP flows experienced the 2nd highest weekly net outflows on record

• Last week, cryptoassets underperformed again as global crypto ETP flows experienced the 2nd highest weekly net outflows on record

• Our in-house “Cryptoasset Sentiment Indicator” has decreased and signals a slightly bearish sentiment

• Despite increasing bearishness in crypto markets, BTC options still imply an elevated level of complacency among crypto investors; an increase in risk aversion in BTC options could signal a more sustainable tactical bottom

Chart of the Week

Performance

Last week, cryptoassets underperformed traditional assets like equities and bonds as global crypto ETP flows experienced the 2nd highest weekly net outflows on record.

We have recently highlighted the increasing macro risks that could be one of the reasons for the increasing risk aversion in crypto markets.

That being said, although Cryptoasset Sentiment has indeed declined, there are still some “pockets” of complacency visible. Most importantly, BTC options still only signal a slight increase in risk aversion as implied volatilities and put-call volume ratios continue to be relatively low (Chart-of-the-Week).

BTC option indicators are one of the market segments we are watching to assess a more sustainable tactical bottom in Bitcoin and cryptoassets more broadly.

Meanwhile, major US equity indices continued to rallye to new all-time highs despite declining market breadth and deteriorating macro fundamentals.

In the context of macro fundamentals, the decline in lumber prices is particularly concerning as lumber prices are regarded as one of the high-frequency leading indicators for the US housing market and the overall US economy.

The continued decline in lumber prices implies that US housing data like building permits and pending home sales will likely continue to surprise to the downside.

Since these indicators are long leading indicators for the US economy as well, we think that US recession risks continue to increase significantly.

The reason why this is relevant for cryptoasset investors is the fact that changes in global growth expectations continue to be the dominant macro factor for Bitcoin’s performance and correlations between the S&P 500 and major cryptoassets like

Bitcoin and Ethereum continue to be relatively high at around ~0.4 over the past 3 months.

This implies that any kind of US equity market correction (on account of rising US recession risks) would most likely affect Bitcoin and cryptoassets negatively in the short term.

It is important to note that the positive news flow as so far failed to reverse global crypto ETP flows in general and Bitcoin ETF flows in the US in particular. For instance, we have seen increasing bullish news flow on the corporate adoption side for Bitcoin this week.

Microstrategy (MSTR) has announced that it has purchased additional 11,931 BTC for ~786 mn USD last week. Besides, a cryptic tweet by Dell’s founder Michael Dell has fuelled speculation that Dell – the company or the person – might already be acquiring bitcoins.

Because Cryptoasset Sentiment and global crypto ETP flows tend to be highly correlated with cross asset risk appetite, we expect that these two variables continue to stay weak until risk appetite returns to markets more broadly.

We reiterate our stance that we continue to believe that the recent decline is an intermediate correction in the bull market and not a cyclical peak.

For this reason, our advice is to use any macro weakness as an opportunity to increase exposure ahead of major events in the coming months.

One of the main reasons for this is that, as we mentioned in one of our Crypto Market Espresso reports, we continue to expect the bitcoin halving to have a positive impact on performance from the summer onwards.

Moreover, Bloomberg analysts expect US spot Ethereum ETFs to debut in early July already, earlier than expected, which could bring additional flows into cryptoassets again as outlined here. Big crypto investors like Pantera have already indicated to invest up to 100 mn USD into these new Ethereum products once they have been launched.

In addition, as recently noted here, monetary policy moves by the SNB, ECB, Bank of Canada suggest that the liquidity tide is already reversing, which will undoubtedly be a major tailwind for bitcoin and other cryptoassets in the medium to long term. A reversal in the Fed’s monetary policy is also highly plausible in the event of a likely US recession.

In general, among the top 10 crypto assets, TRON, XRP, and Bitcoin were the relative outperformers.

Overall, altcoin outperformance vis-à-vis Bitcoin has declined again compared to the prior week, with only 15% of our tracked altcoins managing to outperform Bitcoin on a weekly basis. This is consistent with the reversal in outperformance of Ethereum vis-à-vis Bitcoin on a weekly basis.

Sentiment

Our in-house “Cryptoasset Sentiment Index” has decreased and signals a slightly bearish sentiment.

At the moment, 4 out of 15 indicators are above their short-term trend.

Last week, there were significant reversals to the downside in the Crypto Fear & Greed Index and in the BTC long futures liquidation dominance.

The Crypto Fear & Greed Index signals ”Neutral” sentiment as of this morning.

Performance dispersion among cryptoassets has increased sharply from its recent lows. This means that altcoins have started to trade a bit differently than Bitcoin over the past week.

Altcoin outperformance vis-à-vis Bitcoin has declined again compared to the week prior, with around 15% of our tracked altcoins outperforming Bitcoin on a weekly basis, which is consistent with the fact that Ethereum underperformed Bitcoin slightly last week.

In general, increasing (decreasing) altcoin outperformance tends to be a sign of increasing (decreasing) risk appetite within cryptoasset markets and the latest altcoin underperformance could signal declining appetite for risk at the moment.

Sentiment in traditional financial markets has increased slightly but remains close to the lowest levels since November 2023, judging by our own measure of Cross Asset Risk Appetite (CARA).

Fund Flows

Last week, we saw significant net fund outflows from global crypto ETPs with around -745.3 mn USD in net outflows which was the second highest weekly net outflow on record.

Global Bitcoin ETPs saw net outflows of -739.0 mn USD last week, of which -544.1 mn USD (net) were related to US spot Bitcoin ETFs alone. Outflows from Hong Kong Bitcoin ETFs also picked up with -121.5 mn USD which contributed to the global rout as well.

The ETC Group Physical Bitcoin ETP (BTCE) saw increasing net outflows equivalent to -30.0 mn USD while the ETC Group Core Bitcoin ETP (BTC1) saw sticky AuM last week.

The Grayscale Bitcoin Trust (GBTC) saw less intense net outflows compared to the week prior but still recorded -152.6 mn USD in net outflows last week.

Meanwhile, net outflows from global Ethereum ETPs also accelerated last week with net outflows totalling -135.2 mn USD. This was partially due to accelerating outflows from Hong Kong Ethereum ETFs which recorded -68.9 mn USD in net
outflows.

However, the ETC Group Physical Ethereum ETP (ZETH) defied negative market trends and continued to see net inflows of +0.3 mn USD last week. The ETC Group Ethereum Staking ETP (ET32) also saw minor net inflows last week (+0.2 mn USD).

In contrast, altcoin ETPs ex Ethereum continued to experience net inflows of around +8.0 mn USD last week.

The same is true for Thematic & basket crypto ETPs which saw a very significant reversal in net inflows of +120.8 mn USD, based on our calculations. The ETC Group MSCI Digital Assets Select 20 ETP (DA20) saw neither in- nor outflows last week.

Meanwhile, global crypto hedge funds continued sail, the markets with an underweight exposure to Bitcoin. The beta of global crypto hedge funds’ performance stood at only 0.49 over the past 20 trading days.

On-Chain Data

Bitcoin on-chain continue to paint a rather bearish picture at the moment.

Net buying volumes on BTC spot exchanges continued to be negative, consistent with ongoing net outflows from global Bitcoin ETP and US spot Bitcoin ETFs. This is also evident in the widening negative Coinbase premium, which measures the price difference between Bitcoin prices on Coinbase and Binance. Since Coinbase tends to be dominated by larger investors, a negative premium to retail-dominated exchanges like Binance tends to be sign, of institutional selling. On a positive note, net selling pressure on exchanges seems to be declining gradually, measured by the cumulative volume delta.

Overall BTC exchange balances also increased over the past week on account of increasing whale exchange transfers. This has been holding up selling pressure on exchanges and is also consistent with the previous observations. Whales are defined as network entities that control at least 1,000 BTC. That being said, the absolute number of whales has stabilized last week, which is a positive sign.

However, OTC desk balances have surged significantly in a sign that institutional investors have transferred large amounts of bitcoin to OTC desks which also increases selling pressure. Some analysts have attributed this increase to increased transfers by BTC miners amid declining revenues post-Halving but aggregate BTC miner wallets continued to move sideways over the past 2 weeks which does not imply huge liquidations from miners.

Meanwhile, ETH exchange balances continue to drift lower and make fresh multi-year lows. Ethereum L2 metrics also continue to surprise to the upside with the number of weekly active users hitting a new all-time high last week.

Futures, Options & Perpetuals

Last week, both BTC futures and perpetuals open interest increased into declining prices, which implies that futures have been adding shorts on a net basis as long futures liquidations dominated.

In this context, the perpetual funding rate across BTC exchanges briefly turned negative last week Friday in a sign that positioning in perpetual futures is becoming lopsided which would be an approaching sign of an imminent tactical bottom.

However, perpetual funding rates have not turned negative in a way that would qualify to be a reliable signal.

The Bitcoin futures basis rate also continued to decline throughout the week. At the time of writing, the basis rate stands at 10.1% p.a. which is still like levels last seen in mid-May.

Although the signals in favour of a tactical floor are increasing, BTC options still only signal a slight increase in risk aversion as implied volatilities and put-call volume ratios continue to be relatively low (Chart-of-the-Week).

BTC option indicators are one of the market segments we are watching to assess a more sustainable tactical bottom in Bitcoin and cryptoassets more broadly.

Bitcoin options’ open interest increased slightly over the course of last week. Since the put-call open interest ratio remained flat during that time frame, this implies that option traders have both added calls and put options proportionally last week.

The 25-delta BTC 1-month option skew continued to drift higher but is still lower than the levels seen in May or April where we saw a short-term bottom.

BTC option implied volatilities were relatively unchanged last week. Implied volatilities of 1-month ATM Bitcoin options are currently at around 46.4% p.a.

Bottom Line

• Last week, cryptoassets underperformed again as global crypto ETP flows experienced the 2nd highest weekly net outflows on record

• Our in-house “Cryptoasset Sentiment Indicator” has decreased and signals a slightly bearish sentiment

• Despite increasing bearishness in crypto markets, BTC options still imply an elevated level of complacency among crypto investors; an increase in risk aversion in BTC options could signal a more sustainable tactical bottom

To read our Crypto Market Compass in full, please click the button below:

This is not investment advice. Capital at risk. Read the full disclaimer

© ETC Group 2019-2024 | All rights reserved

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Ny ETF från Xtrackers ger tillgång till klimat- och hållbarhetsorienterade företag i Europa

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Sedan i veckan har en ny börshandlad fond utgiven av Xtrackers, som Ny ETF från Xtrackers ger tillgång till klimat- och hållbarhetsorienterade företag i Europa, kunnat handlas via Xetra och Börse Frankfurt. Xtrackers MSCI Europe ESG UCITS ETF (XZEP) följer utvecklingen av MSCI Europe Low Carbon SRI Leaders Index. Den innehåller endast företag från utvecklade europeiska länder som ingår i MSCI Europe Index och som har en hög prestanda inom områdena miljö, social och företagsstyrning. Dessutom har dessa företag ett lägre koldioxidavtryck jämfört med sina kollegor.

Sedan i veckan har en ny börshandlad fond utgiven av Xtrackers, som ger tillgång till klimat- och hållbarhetsorienterade företag i Europa, kunnat handlas via Xetra och Börse Frankfurt. Xtrackers MSCI Europe ESG UCITS ETF (XZEP) följer utvecklingen av MSCI Europe Low Carbon SRI Leaders Index. Den innehåller endast företag från utvecklade europeiska länder som ingår i MSCI Europe Index och som har en hög prestanda inom områdena miljö, social och företagsstyrning. Dessutom har dessa företag ett lägre koldioxidavtryck jämfört med sina kollegor.

I dagsläget omfattar referensindexet cirka 200 företag från olika sektorer som sjukvård, finans och industri. De starkast representerade länderna är Danmark, Frankrike, Storbritannien, Nederländerna och Schweiz.

Produktutbudet i Deutsche Börses XTF-segment omfattar för närvarande totalt 2 180 ETFer. Med detta urval och en genomsnittlig månatlig handelsvolym på cirka 15 miljarder euro är Xetra den ledande handelsplatsen för ETFer i Europa.

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